KrispyKreme

SRS Real Estate Partners Sells Building at The Park in Chandler to Krispy Kreme

SRS Real Estate Partners announced the sale of a 53,492-square-foot shopping center outparcel which includes a 3,504-square-foot former bank building located at the southwest corner of Chandler Boulevard and Alma School Road in Chandler, Ariz.

Alan Houston and Jeff Alba with SRS Real Estate Partners represented the seller, Grossman/Robson Associates in the transaction.  Andy Kroot with Velocity Retail represented the buyer, Hot Glazed Enchantment, Inc.

Kroot announced Krispy Kreme Doughnuts purchased the former Washington Mutual Bank building at the southwest corner of Chandler Boulevard and Alma School Road in Chandler. The transaction closed escrow on August 26, 2013 with Andy Kroot of Velocity Retail Group, LLC representing the buyer – Hot Glazed Enchantment, Inc., a New Mexico corporation and SRS Real Estate Partners representing the seller – Grossman/Robson Associates. The building was +/-3,504 SF on 1.23 acres of land and sold for $837,500.

“We are pleased to be able to help Krispy Kreme expand their presence and product offering in the greater Phoenix area,” said Kroot, “and we are continuing to look for sites (for sale or for lease) in the 1,500 to 3,500 square-feet range on freestanding locations or end caps with drive-thru.”

At the moment, Krispy Kreme has four stores open in the greater Phoenix area; the Mesa factory at Superstition Springs Boulevard/US 60 Freeway, 7055 E. Shea Blvd., Scottsdale AZ, 1984 W. Main St., Mesa, and 3201 W. Indian School Rd., Phoenix, with other stores in the works. Krispy Kreme was founded in 1937 in Winston-Salem, NC, and is well known for its signature hot Original Glazed® doughnut. There are 649 Krispy Kreme locations in 21 countries around the world.